Hynix creditors to talk about sale

Creditors of Hynix Semiconductor Inc. will hold a meeting today to discuss the sale of the company, which completed its debt workout program on July 12. The creditors, which have a 74 percent stake in the world’s second largest chipmaker, are led by Korea Exchange Bank and include Korea Development Bank, Woori Bank and Chohung Bank. “The creditors will discuss the sale process in general, for example, how to select sales managers and advisers. But I don’t think a detailed schedule or agenda will be decided,” said an official from Woori Bank. When Hynix exited the workout program last month, the creditors agreed to sell a 23 percent stake in the company this year and the rest by the end of 2007. But the creditor group is planning to sell Hynix ahead of schedule if the right buyer appears. In other news, Hynix made up 10 percent of the global NAND flash memory chip market in the second quarter of this year, according to iSuppli Corp., a U.S. market researcher. Hynix posted $228 million in sales, becoming the third largest producer behind Samsung Electronics Co., with a 55 percent market share, and Toshiba with 23.3 percent. Hynix’s shares on the Korea Stock Exchange closed at 22,100 won ($22) yesterday, down 1.1 percent. by Park Sung-ha